{"id":293393,"date":"2020-09-29T20:57:21","date_gmt":"2020-09-29T10:57:21","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/cotd-amzn-can-amazon-continue-to-ride-pandemic-waves\/"},"modified":"2021-02-19T12:13:23","modified_gmt":"2021-02-19T01:13:23","slug":"cotd-amzn-can-amazon-continue-to-ride-pandemic-waves","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/cotd-amzn-can-amazon-continue-to-ride-pandemic-waves\/","title":{"rendered":"COTD: AMZN – Can Amazon Continue To Ride Pandemic Waves?"},"content":{"rendered":"
AMZN – Daily<\/strong><\/h5>\n
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Amazon.com (AMZN) –<\/strong><\/h5>\n

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As a retail conglomerate, it doesn’t get much bigger than Amazon listed on the US Nasdaq exchange. Despite all the pandemic problems, AMZN found itself uniquely positioned to be one of the few companies able to maintain the status quo and even thrive amongst an already weakened retail sector.\u00a0<\/span><\/p>\n

At the beginning of this month, something quite significant occurred in the daily chart above. For the first time since March, the validated bullish trend line supporting the stock throughout 2020 thus far gave way and took the price down with it from $3,300 to $2,871 per share.\u00a0<\/span><\/p>\n

Some would argue that this sudden price drop demonstrates systemic problems within the retail sector itself, and this event was bound to happen sooner or later. However, when we apply the Ichimoku indicator, we start to see a different story emerge. It suggests the recent price fall may only be a temporary blip for Amazon and its dominance in this space remains intact.\u00a0\u00a0<\/span><\/p>\n

For starters, the longer-term lagging span (purple line) remains above the cloud, providing us with confirmation of a bullish stance. Next, we have strong evidence that price action respects the Ichimoku indicators as per the clear bounce from the bottom of the cloud support at $2,890. And lastly, the cloud’s current overall thickness hints at good support for the stock going forward.\u00a0<\/span><\/p>\n

As we enter the fourth quarter, undoubtedly, most retail activity will continue to experience difficulties due to issues surrounding COVID-19. Even Amazon may not be able to deal with some unforeseen outcomes of the changing retail landscape. In the meantime, I suspect we may see a return to this longer-term bullish activity, albeit in a slower-paced manner. Remember, before March, the trend mainly consisted of a consolidated ranging pattern throughout 2019. Without any further shocks to the market, the stock may end up defaulting back to this behavior.\u00a0<\/span><\/p>\n

In summary, based on the Ichimoku data, a potential return to the $3,400 region seems reasonable, with key support for the stock located around $2,880 and $3,200, respectively.\u00a0<\/span><\/p>\n

For those interested in\u00a0<\/span>trading AMZN as a share CFD<\/span><\/a>, Go Markets has this stock and many more, including companies from the ASX, NYSE, and the NASDAQ.<\/span><\/p>\n

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Note: Click on charts to enlarge.<\/p>\n

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By Adam Taylor CTEe<\/strong><\/p>\n

.@<\/a>adamt_trading<\/a><\/p>\n

Sources: Go Markets, Meta Trader 5, TradingView, Bloomberg<\/p>\n

Disclaimer: The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets.\u00a0 Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice.\u00a0 If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/p>\n

<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AMZN – Daily Amazon.com (AMZN) –   As a retail conglomerate, it doesn’t get much bigger than Amazon listed on the US Nasdaq exchange. Despite all the pandemic problems, AMZN found itself uniquely positioned to be one of the few companies able to maintain the status quo and even thrive amongst an already weakened retail […]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2816],"tags":[],"yoast_head":"\nCOTD: AMZN - Can Amazon Continue To Ride Pandemic Waves? - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/articles\/shares-and-indices\/cotd-amzn-can-amazon-continue-to-ride-pandemic-waves\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COTD: AMZN - Can Amazon Continue To Ride Pandemic Waves? - GO Markets\" \/>\n<meta property=\"og:description\" content=\"AMZN – Daily Amazon.com (AMZN) –   As a retail conglomerate, it doesn’t get much bigger than Amazon listed on the US Nasdaq exchange. 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